The "consumer tragedy" rhetoric that has reared its ugly head in the aftermath of Brand X argues for revisiting what we mean by "consumer protection." Specifically, consumers aren't just looking for government assurances regarding rates and the like; they also want innovation and other attributes that make services more valuable -- which only markets, as opposed to regulators, can bring. I make this point in a letter to the editor that the Philadelphia Inquirer [sign-up required] saw fit to publish on Sunday.